Stocks Radar: Adani Enterprises, RCF, Shriram City Union, Vedanta
Indian equity benchmarks opened higher with the S&P BSE Sensex and the NSE Nifty 50 Index gaining nearly a percent to trade at 37,957.15 and 11,464.10, respectively.
Asian stocks extended a rally after their recent battering drove valuations to a two-year low, following a technology-supported advance in U.S. equities. The rupee and sovereign bonds climbed as slowing inflation added to optimism that policymakers will take steps to stem a rout in Asia’s worst-performing currency.
The market breadth was tilted in favour of buyers. Ten of the 11 sector gauges gained, led by a 2.59 percent advance in the Nifty Realty Index. The Nifty IT Index was the only sectoral loser, down 0.10 percent.
Here Are The Stocks Moving The Market This Morning
RCF Rises The Most In Over Three Years
Shares of the agricultural chemicals company rose as much as 17.6 percent—the most in more than three years—to Rs 79.85 apiece.
The government said the cabinet approved transfer of the company’s land to Mumbai Metropolitan Regional Development Authority and BMC, according to a statement. The cabinet approved selling of transferable development right certificate received/receivable against the transfer of land to MMRDA and BMC, it said.
The stock rose 10 percent in the past one month compared to a 0.8 percent advance in the S&P BSE Sensex, Bloomberg data showed.
Shriram City Union Falls As Holding Company Faces Bankruptcy
Shares of the non-banking finance company fell as much as 2.5 percent to Rs 1,877.70 apiece.
SVL Ltd., the holding company of Shriram group’s non-financial business, was admitted into the bankruptcy process by the National Company Law Tribunal on Sept. 10, according to a Credit Suisse note.
The stock declined 10 percent so far this year, according to Bloomberg data.
Vedanta Jumps On Gas Discovery
Shares of the miner gained nearly 4.4 percent to Rs 233.40 apiece.
The Mumbai-based company discovered natural gas in the Krishna-Godavari basin block in the Bay of Bengal, according to its exchange filing.
The stock is 27 percent below the Bloomberg consensus one-year target price.
Adani Enterprises Rises After Announcing Cost Cutting Measures
Shares of the Gautam Adani-led coal operator rose as much as 2 percent to Rs 151.85 apiece.
Adani Enterprises reduced Carmichael (Australia) rail ambitions to trim coal mine costs. It is expected to save more than A$1 billion ($719 million) in costs, Adani Australia CEO told Bloomberg in an interview.
The scrip trades at 19.8 times trailing its 12-month earnings per share and 16 times its estimates for the coming year, Bloomberg data showed.
Sun Pharma Gains After Eye Drug Gets U.S. FDA Nod
Shares of the drugmaker rose about 3.2 percent to Rs 670.95 apiece.
The company received the U.S. drug regulator’s approval for Xelpros, used in the treatment of ocular hypertension, according to an exchange filing.
The scrip returned nearly 27 percent in the last one year compared to a 19 percent gain in S&P BSE Sensex, according to Bloomberg data.